Ask any real estate agent to characterize the current real estate marketplace and you’ll hear descriptions like “sizzling hot,” “unbelievable,” “phenomenal,” and other superlatives.
“This is most definitely the single best seller’s market that I’ve experienced in my 36 years,” says Judi Desiderio, CEO of Town & Country Real Estate.
It might come as a surprise, then, that some homes have stayed on the market for months, even years.
On average, Long Island homes are selling within 63 days from when they’re placed on the market, which is the lowest since 2002, says Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal company covering the metropolitan area.
Take an objective look
“One of the biggest challenges is getting sellers to understand what actual market conditions are rather than what they want or need the price to be,” says Miller.
If the home does not sell in this hot market, it simply has to do with the motivation of the seller, says Desiderio.
“Some sellers choose their selling price sometimes based on what they have into it, sometimes based on what they see happening around them, and sometimes it’s just arbitrary,” she says.
Take an objective look at your home, Desiderio says.
“If you selected the right real estate professional, he or she can position the pricing to the market and help you with what you need to do in order to have it show in the finest light possible,” she says.
Let the market decide
Sales prices in Suffolk County have gone up 16.3% from last year and over 28% from 2019, notes Catherine Zimmerman, manager of Daniel Gale Sotheby’s International Realty’s Northport office.
Aware that sales figures have increased, sellers often ask more for their home, and also have aspirational pricing, based on having put money and work into the home, experts say.
“The condition of the house, the style of the home, the location of the home — all of these things are taken into consideration and factored into the pricing of a property,” Zimmerman says, adding that her agency always provides an in-depth comparative market analysis looking back on six months of sales of similar properties. “Once a value is established, it is advisable to price where a home is worth, with what our research points to, and let the market drive the price.”
The days of putting a house on the market high and negotiating down are not the tempo of the market, notes Zimmerman.
Paul Gomez, owner of Point Realty, actually had a house in Point Lookout on the market for 30 years.
“They always wanted $100,000, $200,000, sometimes a million dollars more than what it was worth,” Gomez says. “We finally sold it.” The house sold for $835,000 in June 2017.
Joyce Styne, a real estate agent with Berkshire Hathaway, is selling a home in East Hills that was originally marketed for $2.1 million in November. The price was reduced three times: to $1.898 million, then $1.75 million, then to its current asking price of $1.699 million.
When a property enters the market, the two most important things to consider are presentation and price, she says.
“Unfortunately, I did not select the first price, and at this point of time it is now at the correct asking price,” Styne says. “Had it started at the current price with its superb presentation, it would have long been sold.”
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